TIB index based from the NZ Tax Information Bulletin - kwister.net
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15:08:12
04 Apr 2025
15:08:12
04 Apr 2025
TIB index based from the NZ Tax Information Bulletin - kwister.net
Order in Council - Tax Administration (Regular Collection of Bulk Data) Regulations 2022
The Tax Administration (Regular Collection of Bulk Data) Regulations 2022 allows the Commissioner of Inland Revenue to collect datasets from Payment Service Providers on a regular basis and sets 1 April 2023 as the beginning of the first reporting period for the regulations.Order in Council - Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2022
The Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2022 was made on 21 November 2022. The Order changes the prescribed rate of interest for calculating fringe benefit tax on low-interest loans provided by an employer to an employee. The fringe benefit tax (FBT) prescribed rate of interest for low-interest employment-related loans has been increased from 4.78% to 6.71 % in line with recent changes in market interest rates.Order in Council - Taxation (Use of Money Interest Rates) Amendment Regulations (No 3) 2022
The Taxation (Use of Money Interest Rates) Amendment Regulations (No 3) 2022 Order in Council was made on 24 November 2022. The Order changes the use of money interest (UOMI) rates on underpayments and overpayments of taxes and duties in line with market interest rates. The new underpayment rate is 9.21% (previously 7.96%). The new overpayment rate is 2.31% (previously 1.22%).Order in Council - Student Loan Scheme (Repayment Threshold for 2023-24 Tax Year and Subsequent Tax Years) Regulations 2022
These regulations, which come into force on 1 April 2023, increase the annual repayment threshold for the purposes of the Student Loan Scheme Act 2011 from $21,268 to $22,828.Order in Council - Tax Administration (Extension of Deadline for Research and Development Loss Tax Credit Statements) Order 2022
The Tax Administration (Extension of Deadline for Research and Development Loss Tax Credit Statements) Order 2022 was made on 19 December 2022 and came into force on 22 December 2022. The Order extends the deadline for filing a statement required under section 70C(1) of the Tax Administration Act 1994 for the 2021–22 tax year until 30 April 2023.BR Prd 22/14
The Arrangement is a product (TotalMoney) that BNZ offers to its customers. These customers may only be individuals, companies, or trusts. TotalMoney involves the creation of specific accounts that must be in a group of accounts, and the facility for customers to elect to group up to 50 of these specific accounts into one or more groups to either “pool” or “offset” the account balances.TRU 22/01: Variation to s 59BA(2) of the Tax Administration Act 1994 for trustees of certain trusts that derive a small amount of income
Under s 59BA(1) of the Tax Administration Act 1994 (TAA) a trustee of a trust who derives assessable income for a tax year must file a return of all income derived in the corresponding income year (unless the trustee has been excused from filing a return under s 43B of the TAA). Section 59BA(2) of the TAA sets out further information a trustee is required to provide to the Commissioner of Inland Revenue (the Commissioner). 2. The variation limits the information that a trustee of an Eligible Trust is required to disclose to comply with s 59BA(2) of the TAA and means that a trustee of an Eligible Trust does not need to provide all the information set out in s 59BA(2)(a) – (e) of the TAA.RA 22/01: Consequences of acquiring, possessing or using electronic sales suppression tools
Inland Revenue is aware of the existence of Electronic Sales Suppression tools (ESS tools) which are used to systematically alter point-of-sale data collected by a business in order to understate or completely conceal revenues for the purpose of evading tax. The Commissioner considers that the threat that such tools pose to the integrity of the tax system is significant. Therefore, a number of measures were introduced in 2022 to respond to the threat posed by the ESS tools, including new civil and criminal penalties. The Commissioner is increasing the compliance focus to more closely monitor the use of ESS tools and will consider all of the options that are available to him whenever these ESS tools are found.QB 22/10: Can a close company deduct interest on a shareholder loan account where the amount is not known until after balance date?
Categories: company-close-company, financial-arrangement-rules, interest-deductions, shareholder-loan-accountTDS 22/20: GST - taxable activity
The Taxpayer is an individual who registered for GST because they were starting a new video production business. During the periods in dispute, the Taxpayer returned expenses relating to the cost of various electronic equipment and some accommodation costs and claimed input tax deductions, but did not return any income or output tax, resulting in a refund position.TDS 22/21: Whether subdivision was a profit-making undertaking or scheme and a taxable activity
Categories: goods-and-services-tax-taxable-activity, subdivision, taxable-activityCSUM 22/05: Supreme Court confirms Frucor's tax avoidance and finds shortfall penalties apply
The Commissioner of Inland Revenue (Commissioner) disallowed interest deductions claimed by the predecessor of Frucor Suntory New Zealand Limited (Frucor) in respect of a tax-driven structured finance transaction it entered into in March 2003 involving associated companies and the Deutsche Bank.CSUM 22/06: Court of Appeal confirms High Court order that backdating of child support liability was invalid
This was an appeal by the Commissioner of Inland Revenue (the Commissioner) of the High Court decision which upheld Mr Lindsay's judicial review, making a declaration that the child support assessment dated 23 November 2017 was invalid to the extent that it imposed backdated liability to 2003. The Commissioner also appealed the High Court's 10% uplift award of costs.